TRIPRA News

XL’s New Standalone Terrorism Policy Addresses TRIPRA Gaps

XL Group’s U.S. Crisis Management business has introduced a new standalone terrorism insurance policy intended to help U.S. businesses address potential gaps in coverage provided by the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA). With TRIPRA reauthorization still in question …

I.I.I.: 13 Years After 9/11, Threat of Terrorist Attack Remains Real

The Insurance Information Institute said this week that the threat of terrorist attack remains real and that the 13-year anniversary of the Sept. 11 terror attack is a reminder of the urgent need for federal lawmakers to reauthorize the terrorism …

Hiscox Increases U.S. Terrorism Insurance Capacity to $200 Million

Hiscox has increased capacity to $200 million for U.S. domiciled terrorism risks. The additional capacity addresses the increased demand for standalone terrorism coverage caused by the upcoming expiration of the U.S. government terrorism insurance backstop offered by the Terrorism Risk …

N.Y. Sen.: TRIA Renewal Vital for Economic Development in Cities Across Country

The U.S. Senate is close to extending an insurance program Sen. Charles Schumer said is vital to New York’s post-9/11 resurgence and economic development in cities across the country. Schumer, D-N.Y., introduced a bill on April 10 that would extend …

Business Frets at Terrorism Tag of Marathon Attack

President Barack Obama’s declaration that the Boston Marathon bombings were an act of terrorism could make it difficult for many affected businesses to be reimbursed for losses resulting from the explosions. Federal law enacted after the 9/11 terrorist attacks requires …

TRIA Debate Heats Up with Charge ‘Nervous Nelly’ P/C Insurers Enjoy $7B ‘Subsidy’

A consumer advocacy group says the property/casualty insurance industry has been getting a sweet deal worth about $7 billion as a result of the federal government’s program to help pay terrorism insurance claims after private insurance is exhausted. An industry …

Experts Weigh Boston Bombings’ Impact on Government-Backed Terrorism Insurance

The April 15 Boston bombings could have an impact on the efforts to renew the federal government’s terrorism insurance backstop. Some experts say the Boston Marathon tragedy could help the cause of supporters of the government program by reminding lawmakers …

Q&A: Congressional Politics and Prospects for Terrorism Insurance Renewal

The Terrorism Risk Insurance Act, which was initially enacted in 2002, and amended by the Terrorism Risk Insurance Revision and Extension Act of 2005 and the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA) (collectively, including both amendments, TRIA), …

Debate Over Terrorism Insurance to Be Renewed

Bipartisan legislation filed yesterday in the House of Representatives promises to renew the federal terrorism reinsurance program and the debate about whether the backup program is necessary. Introduced by Reps. Michael Grimm, R-N.Y., Carolyn Maloney, D-N.Y., and eight co-sponsors, the …

A Future Without the Terrorism Insurance Backstop?

The federal backstop that is widely credited with establishing today’s robust terrorism insurance market may be gone in just 24 months. The consequences could be severe, from reduced availability of coverage to increased premiums. The impact would be particularly acute …